Expected Utility Without Assuming Continuity

Gerrit Bauch
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Gerrit Bauch: Center for Mathematical Economics, Bielefeld University

No 768, Center for Mathematical Economics Working Papers from Center for Mathematical Economics, Bielefeld University

Abstract: I provide an axiomatization of expected utility in which topological continuity is replaced by a geometric axiom. The axiom requires a finite set of indifferent lotteries that span a hyperplane. In the case of three prizes, two indifferent lotteries suffice. The axiom is weaker than Solvability, as well as logically independent of Weak Continuity and the Archimedean axiom.

Keywords: Expected utility representation; finite continuity axiom (search for similar items in EconPapers)
Pages: 9
Date: 2026-07-27
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